SELECT MAIL: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
SELECT MAIL
Largest movements
- Financial fixed assets +€1.2m
up €1.2m (+22.2%), from €5.5m to €6.7m
- Cash -€151,714
down €151,714 (-48.0%), from €316,209 to €164,495
mainly Investment in fixed assets (net) (-€1.3m) and Trade debts (-€163,494)
- Receivables within one year +€144,222
up €144,222 (+27.3%), from €528,055 to €672,278
of which Trade receivables: +€157,574
- Reserves +€797,003
up €797,003 (+21.2%), from €3.8m to €4.6m
of which Distributable reserves: +€797,003
- Other debts +€498,820
up €498,820 (+33.3%), from €1.5m to €2.0m
- Trade debts -€163,494
down €163,494 (-44.8%), from €364,886 to €201,392
- Financial income +€732,698
up €732,698 (+586.9%), from €124,852 to €857,550
- Gross operating margin -€139,767
down €139,767 (-33.1%), from €422,768 to €283,000
- Taxes -€35,206
down €35,206 (-99.5%), from €35,371 to €165
- Depreciation +€24,663
up €24,663 (+29.5%), from €83,683 to €108,346
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,612,060 | €7,785,557 | +€1.2m | +17.7% |
| Fixed assets | 21/28 | €5,764,122 | €6,944,971 | +€1.2m | +20.5% |
| Tangible fixed assets | 22/27 | €279,619 | €243,734 | -€35,885 | -12.8% |
| Plant, machinery and equipment | 23 | €263,681 | €233,188 | -€30,494 | -11.6% |
| Furniture and vehicles | 24 | €15,938 | €10,546 | -€5,391 | -33.8% |
| Financial fixed assets | 28 | €5,484,502 | €6,701,236 | +€1.2m | +22.2% |
| Current assets | 29/58 | €847,938 | €840,586 | -€7,352 | -0.9% |
| Amounts receivable within one year | 40/41 | €528,055 | €672,278 | +€144,222 | +27.3% |
| Trade receivables | 40 | €486,710 | €644,284 | +€157,574 | +32.4% |
| Other amounts receivable | 41 | €41,346 | €27,994 | -€13,352 | -32.3% |
| Cash at bank and in hand | 54/58 | €316,209 | €164,495 | -€151,714 | -48.0% |
| Deferred charges and accrued income | 490/1 | €3,674 | €3,813 | +€139 | +3.8% |
| Total equity and liabilities | 10/49 | €6,612,060 | €7,785,557 | +€1.2m | +17.7% |
| Equity | 10/15 | €3,838,090 | €4,635,093 | +€797,003 | +20.8% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €3,758,090 | €4,555,093 | +€797,003 | +21.2% |
| Tax-exempt reserves | 132 | €56,250 | €56,250 | = | 0.0% |
| Distributable reserves | 133 | €3,701,840 | €4,498,843 | +€797,003 | +21.5% |
| Amounts payable | 17/49 | €2,773,970 | €3,150,464 | +€376,494 | +13.6% |
| Amounts payable after more than one year | 17 | €835,000 | €835,000 | = | 0.0% |
| Financial debts | 170/4 | €835,000 | €835,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,911,421 | €2,286,272 | +€374,851 | +19.6% |
| Trade debts | 44 | €364,886 | €201,392 | -€163,494 | -44.8% |
| Suppliers | 440/4 | €364,886 | €201,392 | -€163,494 | -44.8% |
| Taxes, remuneration and social security | 45 | €48,075 | €87,600 | +€39,525 | +82.2% |
| Taxes | 450/3 | €15,343 | €55,119 | +€39,776 | +259.3% |
| Remuneration and social security | 454/9 | €32,733 | €32,482 | -€251 | -0.8% |
| Other amounts payable | 47/48 | €1,498,460 | €1,997,280 | +€498,820 | +33.3% |
| Accrued charges and deferred income | 492/3 | €27,550 | €29,192 | +€1,643 | +6.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €168,733 | €170,463 | +€1,730 | +1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,683 | €108,346 | +€24,663 | +29.5% |
| Other operating charges | 640/8 | €1,276 | €1,316 | +€40 | +3.2% |
| Gross operating margin | 9900 | €422,768 | €283,000 | -€139,767 | -33.1% |
| Operating profit (loss) | 9901 | €169,076 | €2,875 | -€166,201 | -98.3% |
| Financial income | 75/76B | €124,852 | €857,550 | +€732,698 | +586.9% |
| Recurring financial income | 75 | €124,852 | €857,550 | +€732,698 | +586.9% |
| Financial charges | 65/66B | €62,191 | €63,257 | +€1,067 | +1.7% |
| Recurring financial charges | 65 | €62,191 | €63,257 | +€1,067 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €231,737 | €797,168 | +€565,431 | +244.0% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €35,371 | €165 | -€35,206 | -99.5% |
| Profit (loss) for the period | 9904 | €196,366 | €797,003 | +€600,637 | +305.9% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €196,366 | €797,003 | +€600,637 | +305.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.